New Mexico § 7-9-69 Deduction; gross receipts tax; administrative and

New Mexico Statutes

§ 7-9-69 — Deduction; gross receipts tax; administrative and

New Mexico·Ch. 7 Taxation·Art. 9 Gross Receipts and Compensating Tax

accounting services. A. Receipts of a business entity for administrative, managerial, accounting and customer services performed by it for an affiliate upon a nonprofit or cost basis and receipts of a business entity from an affiliate for the joint use or sharing of office machines and facilities upon a nonprofit or cost basis may be deducted from gross receipts. B. For the purposes of this section:

(1)"affiliate" means a business entity that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with another business entity;

(2)"business entity" means a corporation, limited liability company, partnership, limited partnership, limited liability partnership or real estate investment trust, but does not mean an individual or a joint

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accounting services. A. Receipts of a business entity for administrative, managerial, accounting and customer services performed by it for an affiliate upon a nonprofit or cost basis and receipts of a business entity from an affiliate for the joint use or sharing of office machines and facilities upon a nonprofit or cost basis may be deducted from gross receipts. B. For the purposes of this section: (1) "affiliate" means a business entity that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with another business entity; (2) "business entity" means a corporation, limited liability company, partnership, limited partnership, limited liability partnership or real estate investment trust, but does not mean an individual or a joint venture; and (3) "control" means equity ownership in a business entity that: (a) represents at least fifty percent of the total voting power of that business entity; or (b) has a value equal to at least fifty percent of the total equity of that business entity.

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